DOW JONES Channel Up showing the way to All Time Highs.

7 dic 2023Dow Jones (DJI) hit the top of the Channel Up without a pull-back, which as we noted (see chart below), was a bullish break-out signal above Resistance 1 (35700)

So you might be wondering, what about Santa's rally? Is it still feasible? It is technically, even if the index breaks lower next week. So far the short-term Channel Up on the 4H time-frame is holding, with the 4H MA50 (blue trend-line) supporting right on its bottom (Higher Lows trend-line). As long as this holds, we remain bullish, targeting the 36960 All Time High (ATH). If it breaks, we will short-term target 35300 (first level of the dashed Support range) and then get on the reversal. Ideally we would like to see the RSI oversold on the 30.00 mark before entering a low risk buy.

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